Albany, NY -- (SBWire) -- 10/10/2016 --TMR analysts state that the global opportunity in the global portable gas detection equipment market will exhibit a compounded annual growth rate (CAGR) of 4.8% between 2015 and 2023. At this CAGR, the valuation of the market is poised to rise from US$1.14 bn in 2014 to US$1.73 bn by the end of 2023. By end-use industry, the industrial segment stood as the leading segment in 2014, representing nearly 30% of market revenues globally. The segment is, however, expected to be overtaken by the oil and gas segment, which is expected to log a strong CAGR of 5.1% between 2015 and 2023. The extremely high degree of workplace safety measures being implemented in the oil and gas industry can be credited for this.
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Wireless Gas Detectors to Soon Become the Product of Choice
"Given the growing stress on workplace safety being seen in numerous industries, there is a strong need for gas detectors that can be operated remotely without putting human life at risk in arduous locations. This trend is especially evident in the chemicals, petrochemicals, and industrial sectors, where the presence of toxic or highly inflammable gases poses a grave risk. The use of wireless gas detectors is finding many takers in such applications," says a TMR analyst. The use of wireless gas detectors is expected to grow in applications where exposure to sulfur dioxide, methane and natural gas, propane and butane, hydrogen sulfide, ozone, and ammonia is unavoidable. In the next few years, there is a strong possibility of wireless portable gas detection equipment almost entirely replacing conventional portable gas detectors.
At the same time, a growing demand for natural gas detectors in a variety of residential and commercial buildings will help keep sales of portable gas detection equipment steady through the report's forecast period.
Spending on portable gas detection equipment worldwide is expected to show a steady year-on-year growth from 2014 to 2020 – the year in which it will peak. Between 2020 and 2023, the market's overall revenues will rise steadily but year-on-year growth will show a very marginal decline, says Transparency Market Research in a new study. Despite many positive factors supporting the growth of the global portable gas detection equipment market, there are a few risk factors that TMR analysts foresee. The most important concern is that the growing demand for portable gas detection will lead to a concurrent upswing in the competitive rivalry, forcing companies to compromise on profit margins.
This price erosion could hurt the overall revenues of the market. The best strategy to adopt in such a scenario would be for a company to position itself as an innovator in the portable gas detection equipment market to command a marginal, if not heavy, premium on product prices. Market leaders such as Drägerwerk as well as Industrial Scientific Corporation are seen adopting similar strategies. Most portable gas detectors now feature telemetry, digital displays, and IR sensors.
Dearth of Gas Sensors with Faster Response Time Hurting market Growth
Although the reliance on portable gas detection equipment is only growing stronger, demand could be adversely affected by the fact that portable gas detectors still have some flaws in terms of how swift their sensing technologies are. A typical gas detector takes some time to alert the user about a change in the ambient gas concentration. Because a gas sensors is arguably the most crucial part of gas detection equipment, a delay in sending alerts about changes to gas concentration levels could prove dangerous in high-risk locations.
Portable Gas Detection Equipment Market: Companies Raising Their Bet on Innovation to Face Price Wars
A gas detector is a safety device that detects and monitors the presence and concentration of toxic and/or combustible/flammable gases in the air of its immediate vicinity, using a control system and a sensor.